November 17, 2016

Market outlook

Daily charts
- trend is down on daily charts
- today, markets closed in negative
- AD was negative, VIX down 4%
- markets expected to take good support near 8000 levels
- overlapping moves mean correction may be ending
- strong support at 8000 also means less incentive for fresh shorts
- conversely, 8000 means possibility of low risk for long trades

5 min charts
- circled area shows the trend reversal zones
- since bias was down, I took 2 short trades and one long trade
- long trade was last circle which was no profit no loss